Manning & Napier sees profit, revenue rise in Q3

Manning & Napier Inc. on Wednesday reported quarterly economic net income of $26.7 million, up 9.3 percent from a year ago, and an increase in revenue of nearly 11 percent.

The Perinton-based money management firm released its earnings report after the market closed.

The most recent quarter compares to economic net income of $24.4 million in the third quarter of 2012.

Earnings per adjusted share of 30 cents matched Wall Street estimates and were up 3 cents from a year ago.

Revenues in the third quarter totaled $94.6 million, up 10.9 percent from $85.4 million in the third quarter of 2012 and 1.8 percent from nearly $93.0 million in the second quarter of this year.

Using generally accepted accounting principles, Manning & Napier reported quarterly net income of $22.8 million attributable to the controlling and non-controlling interests, up from $21.1 million in the third quarter of 2012.

Net income available to Class A common stockholders was 10 cents per basic and diluted share, compared with 12 cents a year ago.